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DLF: Deleveraging in process - Views on News from Equitymaster

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DLF: Deleveraging in process
Feb 1, 2011

DLF has announced its 3QFY11 results. Top-line increased 22.4% YoY while bottom-line declined 0.5% YoY during the quarter. Here is our analysis of the results.

Performance summary
  • Topline registered 22.4% YoY growth during 3QFY11 on the back of strong sales booking. The company booked 2.48 msf of area in 3QFY11 as compared to 2.0 msf in 2QFY11.
  • Operating margins increased drastically to 47.5% in 3QFY11 mainly due to high profit margin project launches during the quarter.
  • Net profits declined 0.5% YoY in 3QFY11 due to increase in depreciation and interest expenses.
  • Total developable area stands at 399 m sqft at the end of the quarter as compared to 406 m sqft at the end of the preceding quarter.
Consolidated performance snapshot
(Rs m) 3QFY10  3QFY11  Change 9MFY10  9MFY11  Change
Sales   20,258  24,799 22.4%    54,266  68,775 26.7%
Expenditure   11,825  13,020 10.1%    29,254  37,910 29.6%
Operating profit (EBDITA) 8,433  11,780 39.7%    25,012  30,865 23.4%
Operating profit margin (%) 41.6% 47.5%   46.1% 44.9%  
Other income 1,260    1,143 -9.3%  2,816    3,973 41.1%
Interest 2,568    4,277 66.5%  7,928  12,499 57.7%
Depreciation    800    1,612 101.6%  2,299    4,650 102.2%
Profit before tax 6,325.2 7,033.5 11.2% 17,600.0 17,687.8 0.5%
Tax 1,684 2,026 20.3% 4,595 4,439 -3.4%
Minority interest  29 (284)     70 (385)  
Share in profit/(loss) of associates (40) (2)   (42) 51  
Prior period items  49 (65)   2 35 1486.4%
Profit after tax/(loss) 4,679 4,657 -0.5% 13,036 12,951 -0.7%
Net profit margin (%) 23.1% 18.8%   24.0% 18.8%  
No. of shares (m)   1,697.4        
Basic earnings per share (Rs) *   2.74        
P/E ratio (x) *   22.2        

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Nov 14, 2018 03:35 PM

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